Comparing the development of cryptocurrencies to that of the Internet, the Chairman of the U.S. Commodity Futures Trading Commission (CFTC) J. Christopher Giancarlo holds that regulators need to avoid inhibiting the innovation technology brings.

Tolerant but Cautious

Speaking to CNBC at the Singapore Summit September 14, CFTC Chairman J. Christopher Giancarlo shared his thoughts on cryptocurrency regulations and how it should be approached.

According to the official, cryptocurrencies need to be governed tolerantly. Giancarlo compared them to the Internet and noted that the latter has managed to flourish because the regulators didn’t step in heavily but rather applied a careful, “do no harm” approach.

The Chairman said:

I’m advocating the same approach to cryptocurrencies and all things having to do with this new digital revolution of markets, and of currencies, and of asset classes.

However, Giancarlo also recognizes the risks of fraud and manipulation and holds that cautious also has to be exercised when it comes to policymaking:

When it comes to fraud and manipulation, we need to be strong. When it comes to policy making, I think we need to be slow and deliberate and well informed.

Connecting the Dots

Giancarlo’s position on cryptocurrency regulations echoes an analysis that the Bitcoinist reported on following the appointment of a new SEC commissioner, Elad Roisman, by President Trump. Roisman has stated that he favors an approach that is “fair” and “transparent” towards the nascent cryptocurrency industry.

What’s more, the CFTC’s position on cryptocurrencies has historically been rather positive. Earlier in June, CFTC Commissioner Rostin Benham noted that cryptocurrencies are “here to stay.”

“[V]irtual currencies may – will – become part of the economic practices of any country, anywhere,” Benham said. “Let me repeat that: these currencies are not going away and they will proliferate to every economy and every part of the planet.”

Giancarlo himself outlined that Bitcoin 00 is suited for “long-term buy and hold strategy.”

What do you think of J. Christopher Giancarlo’s position on cryptocurrency regulations? Don’t hesitate to let us know in the comments below!

This post was originally published on this site Kakao-affiliate Dunamu, the operator of major South Korean crypto exchange Upbit, plans to open a Singapore-based exchange next month. Kakao-affiliate Dunamu, the operator of major South Korean [...]

This post was originally published on this site Week over week, Ripple tokens (XRP) prices are down 12 percent but surprisingly up two percent in the last 24 hours. In any case-unless of course we [...]

This post was originally published on this site Key Highlights ADA price failed to stay above the $0.0760 support and extended losses against the US Dollar (tethered). There was a break below a key bullish [...]

This post was originally published on this site Executive chairman of BBVA Group Francisco Gonzalez calls for better understanding of cryptocurrencies, as the world is going through a “digital revolution”. Cryptocurrencies are “perfect”, but are [...]

This post was originally published on this site Bitcoin Price Key Highlights Bitcoin price recently formed lower highs and higher lows to consolidate in a symmetrical triangle. Price appears to have completed an upside breakout, [...]